Legal Asset Protection
Legitimate Vehicles to Keep Creditors at Bay
When constructed properly, trusts, contracts, liens and other asset protection strategies can isolate wealth from lawsuits and other threats. When not set up correctly, asset protection methods can backfire, drawing the Department of Justice, the IRS and creditors into the picture.
Asset Protection Through Offshore Trusts
Individuals are within their rights to shield assets from future threats, such as liens and frivolous lawsuits. It is only illegal to hide assets or transfer them offshore to dodge a judgment already rendered. THE LAW OFFICES OF J HAMILTON MCMENAMY counsels clients on keeping assets safe from creditors without skirting U.S. (or international) laws.
The best protection is achieved through self-titled trusts established in favorable foreign jurisdictions, namely the Cook Islands and Nevis. When properly constructed and managed by the trustee, trust assets are beyond the reach of individuals, entities and state or federal governments. No U.S. judge can order assets back to American jurisdiction if they were legally placed.
Asset Protection and Taxation
However much it may frown on the practice, the U.S. government looks the other way so long as the owner of offshore assets pays income and capital gains taxes. J. Hamilton McMenamy advises tax filing compliance and reporting requirements to keep clients off the radar of the IRS and its Criminal Investigation Division.
Less Ambitious Asset Protection Plans
It is not practical for many of the clients of J Hamilton McMenamy want to commit to a less expensive and very effective asset protection plan that carries much less legal risk, using local entities and duties of compliance.
J Hamilton McMenamy
8222 DOUGLAS AVE, SUITE 850
DALLAS, TX, 75225-5923, US.
or email me online to schedule your initial consultation.